There was the flat within the range of 122.85 -123.80. On the one hand, the world leading stock markets sales put pressure on the pair USD/JPY as investors close their carry trade orders as a result there was a demand for the Japanese yen as a funding currency. However, in general, all traders are now hiding in anticipation of the US Federal Reserve meeting results announcement.
The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
We believe the growth will be continued now. The first target is the level 1.3670. After fixing below the first target, the level of 121.60 will become the next one.